Relationship between Selected Foreign Exchange Rates Trading in Kenya.
Journal Title: International Journal of Business and Management Invention - Year 2017, Vol 6, Issue 7
Abstract
In Kenya, exchange rates market is active due to globalization. For instance, between 2007 and 2008, value of total exports and imports increased by 25.6% and 27.4% respectively. Moreover, reviewed literatures have given conflicting perspective on the relationship between the various foreign exchanges and more so the movement of their fluctuation with regard to economic performances. The purpose of the study was therefore to establish relationship between the three major foreign exchange rates trading in Kenya. The study adopted correlation design. Secondary data between January, 2006 and December, 2010 was utilized. Correlation analysis revealed that the Dollar had a moderate negative relationship with the Pound (r=-.568, p<0.01), the Dollar had a moderate relationship with the Euro (r=.564, p<0.01), while the pound had a moderate negative relationship with the Euro (r=-.530, p<0.01). The study concluded that there exist a varied relationship between the selected exchange rates. The study recommends the adoption of US dollar and the Euro as key currencies as they were considered stronger currencies during the study period.
Authors and Affiliations
* Johnmark Obura Ouma
Keywords
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